The BONK meme cryptocurrency has surpassed both Dogecoin (DOGE) and Shiba Inu (SHIB) in 24-hour trading volume.
BONK, a relative newcomer to the meme coin scene, has reported a staggering $1.37 billion in trading volume, overshadowing Dogecoin’s $933 million and Shiba Inu’s $225.8 million, per the latest data.
This shift marks a significant milestone for BONK in the highly volatile meme coin sector of the cryptocurrency market.
Rise of BONK
BONK token, which has become the talk of the crypto town, saw its market capitalization briefly touch $3 billion following its listing on major exchanges such as Binance and Crypto.com.
Arkham Intelligence reports that everybody is trading BONK today, with aggregated open interest on the token doubling from the previous day’s lows after Binance announced its listing.
Despite this surge, funding remains consistently negative, indicating a substantial number of traders are betting against the token, with $6.15 million of BONK liquidations occurring in just 12 hours.
Nonetheless, BONK’s price has soared by 85% in the past 24 hours.
SOL challenging XRP
Parallel to BONK’s rise, Solana (SOL) has experienced a growth of over 5% in the same time frame.
This uptick positions Solana on the verge of surpassing XRP by market capitalization. CoinGecko data suggests that Solana’s valuation stands at an impressive $32.18 billion, inching closer to XRP’s $34.20 billion.
The success of BONE has also shone a spotlight on the Solana ecosystem’s growing clout and potential within the broader cryptocurrency market.
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